Multi-year resistance and $30 million in asks: BTC bulls face trouble above $35,000, say analysts.
Bitcoin bulls face a tough task to bring BTC price action past $35,000, fresh analysis predicts.on July 5, trading firm QCP Capital flagged the mid-$30,000 range as a potential cooling-off point for the Bitcoin bull market.concerns are already mountingThe area between $35,000 and $40,000 is now particularly popular among market participants seeking to catch a local top, and QCP is one of them.
QCP specifically highlighted incoming resistance for the moving average convergence/divergence indicator — designed to measure price strength at given levels during a market trend — at $35,000. “The 33-35k level is also where we see wedge resistance as well as MACD hitting 3-year triangle resistance.”The update also referenced cooling macroeconomic environment potentially offering few volatility cues for markets.
“On the macro side, the Fed looks locked into another hike this month , and inflation appears likely to stagnate around 3-4% until year-end, with positive base effects from the oil price decline ending this quarter, and high frequency rent prices turning back up,” it explained.
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